DAILY TECHNICAL ANALYSIS FOR MAY 25, 2022
EUR/USD
Current level – 1.0720
The euro continued to gain ground against the greenback and the currency pair tested the resistance zone at 1.0712. A confirmation of the breach could easily lead to a continuation of the recovery and could result in a rally towards the important zone at 1.0770. If the bullish momentum fades, then the bears could head the EUR/USD towards a test of the support zone at 1.0641. A successful violation of the lower target at 1.0601 may prompt a change in the current sentiment of the market participants and could deepen the decline towards 1.0500.
USD/JPY
Current level – 126.86
The sellers prevailed during yesterday’s session, and after the successful breach of the support at 127.07, the Ninja tested the lower zone at 126.46. During the early hours of today’s session, the pair is trading above the mentioned level, but if the bearish attack continues, its potential violation could easily lead to new losses and could strengthen the negative expectations for the future path of the USD/JPY. The first target for the buyers is the zone at 127.07, which is now acting as resistance, followed by the upper level at 127.55.
GBP/USD
Current level – 1.2519
The bears could not gain enough momentum to successfully breach the support zone at 1.2501, and during the early hours of today’s session, the Cable is trading just above the mentioned level of support.. A new bearish attack is the most probable scenario, but only a violation of the mentioned zone could deepen the decline and could lead to a move towards the support at 1.2435. If the bulls enter the market, then a breach of the important resistance at 1.2599 could strengthen the positive expectations and could result in a rally towards the levels from April at around 1.3000.
Gold price resumes the rise
Gold price rises calmly, organized inside the bullish channel that appears on the chart, supported by the EMA50 that carries the price from below, waiting to test 1890.00 that represents our next main target.
Stochastic current negativity might cause some temporary sideways fluctuation before resuming the expected rise, which will remain valid conditioned by the price stability above 1850.00 and 1838.10 levels.
The expected trading range for today is between 1845.00 support and 1885.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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